ED searches Himachal Pradesh-based company, promoters in FEMA probe 

The Enforcement Directorate (ED) on Sunday said it has conducted searches against the promoters of a Himachal Pradesh-based company engaged in aerospace and real estate sectors as part of a foreign exchange violation probe linked to alleged undisclosed foreign assets.

The action was undertaken on September 19-20 at six premises located in Delhi and Himachal Pradesh belonging to Manavinder Singh, his wife Sagri Singh and linked entities of the Imperial Group.

The action was undertaken under the Foreign Exchange Management Act (FEMA) in a probe related to “undisclosed” assets, investments and financial interests of the promoters held outside India, the agency said in a statement.

The ED said it has seized financial statements and records apart from foreign bank account pass books during the searches and it was estimated that the value of these assets, located in Singapore, Dubai, British Virgin Islands and Thailand, was more than Rs 80 crore.

It claimed to have found alleged secret “financial interest” of the promoters in a Singapore based company named Aerostar Venture Pte Ltd and a similar stake in a Dubai-based company named United Aerospace DWC LLC.

This company is alleged to have purchased a helicopter (Robinson 66) worth Rs 7 crore in May by “purportedly availing an unsecured loan from an unnamed Hong Kong-based entity”.

The helicopter has been imported into India for residents of the Auramah Valley residential project located in Naldehra, Himachal Pradesh, according to the ED.

The agency said the promoters were the “beneficial owners” of a Rs 16 crore worth villa in Koh Samui, Thailand.

It was also found that a “part sale consideration” of about Rs 29 crore for the flats in the Naldehra residential project was received in cash, it alleged.

“The total cash seized during the search operations is Rs 50 lakh in Indian currency (including cash of Rs 50,000 in old 500-rupee currency notes) in addition to foreign currency of USD 14,700,” the agency said.

Three lockers have also been frozen during the search operations apart from seizure of “incriminating” records relating to Singh, his wife and the Imperial Group, it said.